Current Report Filing (8-k)
February 08 2017 - 5:13PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 8, 2017
Flotek Industries, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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001-13270
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90-0023731
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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10603 W. Sam Houston Pkwy N., Suite 300
Houston, Texas
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77064
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code: (713)
849-9911
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Item 7.01
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Regulation FD Disclosure.
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As previously reported on January 19, 2016, the Board of
Directors of Flotek Industries, Inc. (Flotek or the Company) formed a special committee consisting of five independent directors (the Special Committee) to conduct an independent review of issues related to the
Companys FracMax
®
software and the efficacy of CnF
®
. The Special Committee engaged independent counsel and an independent
software expert, reviewed relevant documents and conducted interviews of persons with relevant information.
The Special Committee has
completed its investigation and did not find any evidence of intentional misconduct, fraud or intent to deceive investors or any evidence that any Flotek director, officer or employee breached his fiduciary duties. The Special Committee concluded
that the previously acknowledged errors in the FracMax
®
software most likely resulted from the accidental inclusion of test code by the third-party software developer in the FracMax
®
software that affected the production data for non-CnF
®
wells in Texas in the database. The third-party developer who was hired to write
code for FracMax
®
acknowledged that he made an inadvertent error in the code that was unknown to him or to Company management until after the Bronte report. The Special Committee found no
evidence that the inclusion of the test code was intentional or designed to manipulate the FracMax
®
data to produce inaccurate results. In addition, the Special Committee found that management
generally set a positive tone at the top. While the Special Committee found no evidence of fraud, the Special Committee did recommend improvements to Floteks software development and disclosure procedures.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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FLOTEK INDUSTRIES, INC.
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Date: February 8, 2017
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/s/ Robert M. Schmitz
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Robert M. Schmitz
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Executive Vice President and Chief Financial Officer
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